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MEXICO: Femsa gets capital increase go-ahead

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Femsa's shareholders have approved plans designed to help finance the buyback of a stake in its beer business. At a meeting on Tuesday, shareholders authorised the company to launch a planned capital increase expected to raise between US$500 m and US$550 m.

In a filing with the Mexican Stock Exchange, Femsa said that it will issue up to 52.8 m class UB shares and up to 80.5 m class UBD shares. Shareholders waived the right of first option to buy the new shares and authorised Femsa to make the offering on the Mexican, US and other stock markets at Tuesday's meeting.

The share offering will be used to fund Femsa's buy back of 30% of its beer unit, Femsa Cerveza, from Belgian brewer Interbrew. Femsa and Interbrew have agreed to dissolve the joint venture under which the Belgian brewer distributes Femsa brands in the US.


Sectors: Beer & cider

Companies: Anheuser-Busch InBev

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